The yield on 10-year US Treasuries declined in April despite concerns about the looming end of QE2 and S&P’s decision to revise its outlook on the longterm credit rating of the US government from stable to negative. We expect the yield to end the year at around 2.5% (from 3.2% currently) as expectations of rate rises are scaled back in response to signs of slower growth and subsiding inflationary pressure.
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